Common use of Daily Default Fee Clause in Contracts

Daily Default Fee. This daily fee is charged from the time you fail to make a due payment or miss a scheduled payment until all arrears are paid. This fee is in lieu of penalty interest. $1.00 Default Time Fee: We will charge you this fee if any staff member of ours spends time on the administration of your account when you are in default. ‘Administration’ in this case includes all work in any way associated with our recover of the account balance or the amount that you are in default. $60.00 per hour

Daily Default Fee. This daily fee is charged from the time you fail to make a due payment or miss a scheduled payment until all arrears are paid. This fee is in lieu of penalty interest. $1.00 Default Time Missed Payment Fee: We will charge Is charged anytime you this fee if any staff member of ours spends time on the administration of your account when you miss a payment, or are in default. ‘Administration’ in this case includes all work in any way associated late with our recover of the account balance a payment or the amount that you are in other such default. $60.00 per hour30.00